Dominican economy grows 5.1% through November, says Central Bank

Santo Domingo.- The Dominican Republic’s Monthly Indicator of Economic Activity (IMAE) recorded a 3.9% expansion in November, bringing the average growth for the first 11 months of 2024 to 5.1% compared to the same period in 2023, according to the Central Bank (BCRD). Key sectors driving this growth include hotels, bars, and restaurants (9.4%), financial services (9.2%), and local manufacturing (4.7%).

The BCRD highlighted that year-on-year inflation was 3.18% in November, remaining below the target range of 4.0% ± 1.0% since December 2023. This stability reflects effective monetary policies and subsidies for fuel and electricity. Additionally, the robust economic performance of the United States, with 3.1% annualized quarterly growth, positively impacted the Dominican economy through remittances, tourism, exports, and foreign investment.

The strong IMAE performance positions the Dominican Republic as the fastest-growing economy in Latin America, aligning with projections from the IMF and ECLAC. These organizations predict the country will maintain its regional leadership in economic growth by the end of 2024.